How do you keep track of conference expenses and income?

1 Set your goals and budget

Before you start planning your conference, you need to define your goals and budget. What are the objectives and outcomes of your event? How many attendees, speakers, sponsors, and partners do you expect? How much revenue do you need to cover your costs and generate a surplus? How will you allocate your funds to different categories, such as venue, catering, marketing, speakers, staff, and contingencies? Having a clear vision and a realistic estimate of your financial needs and resources will help you plan your conference more strategically and avoid overspending or undercharging.

2 Use a spreadsheet or an app

One of the most essential tools to track your conference expenses and income is a spreadsheet or an app. You can use a simple Excel or Google Sheets template, or a more advanced software like Eventbrite, Cvent, or QuickBooks, to record and monitor your transactions. A good spreadsheet or app should allow you to enter your budget and actual figures, categorize your expenses and income, calculate your balance and variance, and generate reports and charts. You should also update your spreadsheet or app regularly and reconcile it with your bank statements and invoices.

3 Track your expenses

Tracking your expenses is crucial to control your costs and optimize your spending. You should keep track of all the payments you make for your conference, such as deposits, fees, invoices, taxes, and refunds. You should also keep track of all the receipts, contracts, and agreements you receive from your vendors, suppliers, and service providers. You should organize your expenses by date, category, and vendor, and compare them with your budget. You should also identify any potential savings, discounts, or refunds you can negotiate or claim.

4 Track your income

Tracking your income is equally important to measure your revenue and profitability. You should keep track of all the payments you receive for your conference, such as ticket sales, sponsorships, donations, grants, and merchandise. You should also keep track of all the invoices, receipts, and acknowledgments you issue to your attendees, sponsors, donors, and partners. You should organize your income by date, category, and source, and compare it with your budget. You should also identify any potential opportunities, challenges, or risks that may affect your income.

5 Review and adjust

Tracking your conference expenses and income is not a one-time task, but an ongoing process. You should review and adjust your budget and actual figures regularly, preferably on a weekly or monthly basis, depending on the size and duration of your event. You should analyze your performance, identify any gaps or discrepancies, and make any necessary changes or corrections. You should also communicate your financial status and progress to your team, stakeholders, and auditors, and solicit their feedback and suggestions.

6 Use a dashboard or a summary

A dashboard or a summary is a useful tool to visualize and communicate your conference expenses and income. You can use a spreadsheet or an app to create a dashboard or a summary that displays your key financial indicators, such as total expenses, total income, net income, income breakdown, expense breakdown, budget variance, and profit margin. You can also use graphs, charts, tables, or colors to make your dashboard or summary more appealing and informative. You should update your dashboard or summary regularly and share it with your team, stakeholders, and auditors.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?